How much is Bitcoin worth today?

    2024.01.07 | exchangesranking | 46onlookers

    Bitcoin's (BTC) price has been intensely scrutinized as investors and analysts watch for signs of its next major move.

    Bitcoin ETF rejection fears mount

    As of Jan. 5, BTC's price was stabilizing around $43,850 after a 4.75% drop from its local high, suggesting a cautious market awaiting decisive moves.

    The drop appeared amid rumors of U.S. regulators rejecting a round of spot exchange-traded fund (ETF) applications, which have been a critical point of focus for the crypto community.

    BTC/USD daily price chart. Source: TradingView

    For instance, Fidelity Investments’ registration of a Bitcoin fund as a public security raised expectations for an approved Bitcoin ETF, indicating institutional interest and a potential regulatory milestone.

    However, Bloomberg Intelligence analyst James Seyffart suggested that conclusive evidence of an ETF approval is still pending. Attorney Joe Carlasare and Senior Bloomberg ETF analyst Eric Balchunas reiterated this as well.

    Bitcoin price technical analysis

    On the technical front, indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are nearing a reset, which is historically a precursor to significant price action, as shown below.

    BTC/USD daily price chart. Source: TradingView

    Traders have advised caution on short-term expectations, while others have pointed to current prices as a strong buying opportunity, implying potential for upside movement.

    Related: Spot Bitcoin ETF capital: Could funds potentially buy up all BTC in circulation?

    In summary, Bitcoin's price is currently in a consolidation phase, with the market's eyes fixed on regulatory developments and technical indicators signaling a possible trend reversal.

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